Company Announcement

Bavarian Nordic – Transactions in Connection with Share Buy-Back Program and Termination of Share Buy-Back Program

COPENHAGEN, Denmark, June 2, 2021 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announces that the share buy-back program, which was announced and initiated on May 27, 2021, has now been terminated, as the intended number of shares under the program has been repurchased. The program was executed in accordance with the provisions of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and supplementing Regulation (EU) 2016/1052 of 8 March 2016, which together constitute the Safe Harbour Regulation. The purpose of the program was to meet the Company’s obligations arising from the share-based incentive program for the Board of Directors and Executive Management.

Under the program Bavarian Nordic A/S has bought back 31,747 shares, cf. the table below:

Transaction date Number of shares Average purchase price, DKK Transaction Value, DKK May 27, 2021 9,000 264.73 2,382,570 May 28, 2021 8,000 273.30 2,186,400 May 31, 2021 8,000 269.48 2,155,840 June 1, 2021 6,000 272.86 1,637,160 June 2, 2021 747 274.81 205,283 Accumulated under the 31,747 269.86 8,567,253 program

The details for each transaction made under the share repurchase program have been attached to this announcement.

With the transactions stated above, Bavarian Nordic A/S owns a total of 117,627 own shares, corresponding to 0.18% of the share capital. The total amount of shares in the company is 63,736,804 including treasury shares.

About Bavarian Nordic Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacture and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and have been a long- term supplier to the U.S. Government of a non-replicating smallpox vaccine, which has been approved by the FDA under the trade name JYNNEOS®, also for the protection against monkeypox. The vaccine is approved as a smallpox vaccine in Europe under the trade name IMVANEX® and in Canada under the trade name IMVAMUNE®. Our commercial product portfolio furthermore contains the market-leading vaccine Rabipur®/RabAvert® against rabies and Encepur® against tick-borne encephalitis. Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product candidates designed to save and improve lives by unlocking the power of the immune system, including an Ebola vaccine, MVABEA®, which is licensed to the Janssen Pharmaceutical Companies of Johnson & Johnson. We are also committed to the development of a next generation COVID-19 vaccine based on an in-licensed capsid virus-like particle technology. The vaccine candidate, ABNCoV2, is currently being investigated in clinical trials. For more information visit www.bavarian-nordic.com.

Forward-looking statements

Page 1 of 8

Bavarian Nordic A/S Philip Heymans Alle 3 Tel. +45 33 26 83 83 CVR-no. 16 27 11 87 DK-2900 Hellerup www.bavarian-nordic.com LEI Code: 2138006JCDVYIN6INP51 Bavarian Nordic – Transactions in Connection with Share Buy-Back Program and Termination of Share Buy-Back Program Page 2 of 8

This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.

Contacts Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43 US: Graham Morrell, Paddock Circle Advisors, [email protected], Tel: +1 781 686 9600

Company Announcement no. 22 / 2021

Company Announcement no. 22 / 2021 Bavarian Nordic – Transactions in Connection with Share Buy-Back Program and Termination of Share Buy-Back Program Page 3 of 8

Appendix

Detailed overview of transactions under share buy-back program

Volume Price (DKK) Venue Time of transaction (CET) 28 277.8 XCSE 20210527 9:00:10.382000 58 277.8 XCSE 20210527 9:00:10.382000 28 277.8 XCSE 20210527 9:00:10.382000 121 273 XCSE 20210527 9:03:24.394000 121 267.7 XCSE 20210527 9:06:40.402000 121 266.6 XCSE 20210527 9:09:51.912000 100 267.4 XCSE 20210527 9:13:35.380000 9 267.4 XCSE 20210527 9:13:35.380000 113 267.1 XCSE 20210527 9:20:03.921000 88 267.1 XCSE 20210527 9:26:46.260000 30 267.1 XCSE 20210527 9:26:46.260000 109 265.6 XCSE 20210527 9:33:34.773000 113 264.6 XCSE 20210527 9:40:33.373000 70 265.5 XCSE 20210527 9:47:04.932000 41 265.5 XCSE 20210527 9:47:04.932000 113 265.4 XCSE 20210527 9:54:47.461000 97 264.4 XCSE 20210527 10:04:30.884000 14 264.4 XCSE 20210527 10:04:30.884000 114 265 XCSE 20210527 10:11:50.109000 112 261.4 XCSE 20210527 10:22:38.706000 113 263.7 XCSE 20210527 10:34:23.159000 118 263.6 XCSE 20210527 10:46:14.847000 123 265.6 XCSE 20210527 10:59:38.327000 122 264.5 XCSE 20210527 11:13:02.830000 111 263.4 XCSE 20210527 11:24:45.796000 110 263.8 XCSE 20210527 11:39:56.979000 114 263 XCSE 20210527 11:56:14.075000 119 262.4 XCSE 20210527 12:16:17.031000 13 262.8 XCSE 20210527 12:39:03.791000 97 262.8 XCSE 20210527 12:40:37.236000 31 263.9 XCSE 20210527 13:06:18.097000 80 263.9 XCSE 20210527 13:06:18.382000 112 264.2 XCSE 20210527 13:18:28.097000 108 262.4 XCSE 20210527 13:33:58.381000 108 262.2 XCSE 20210527 13:47:25.680000 123 262.5 XCSE 20210527 14:06:11.267000 46 263.4 XCSE 20210527 14:23:51.831000 66 263.4 XCSE 20210527 14:23:51.831000 31 262.9 XCSE 20210527 14:40:54.882000 20 262.9 XCSE 20210527 14:40:54.899000 60 262.9 XCSE 20210527 14:41:14.704000 119 263.5 XCSE 20210527 15:01:58.674000 35 262.7 XCSE 20210527 15:19:37.148000 81 262.7 XCSE 20210527 15:19:37.211000 112 262.5 XCSE 20210527 15:31:26.713000 143 262.8 XCSE 20210527 15:45:02.997000

Company Announcement no. 22 / 2021 Bavarian Nordic – Transactions in Connection with Share Buy-Back Program and Termination of Share Buy-Back Program Page 4 of 8

110 262.5 XCSE 20210527 15:53:38.698000 122 263.3 XCSE 20210527 16:03:28.580000 129 263.5 XCSE 20210527 16:13:34.144000 58 262.8 XCSE 20210527 16:27:48.255000 51 262.8 XCSE 20210527 16:27:48.255000 100 264.7 XCSE 20210527 16:42:00.084317 56 264.7 XCSE 20210527 16:42:00.084323 61 264.7 XCSE 20210527 16:42:00.084340 61 264.7 XCSE 20210527 16:42:00.107151 100 264.7 XCSE 20210527 16:42:00.107151 52 264.7 XCSE 20210527 16:42:00.594844 48 264.7 XCSE 20210527 16:42:00.627119 22 264.7 XCSE 20210527 16:42:06.360362 1 265 XCSE 20210527 16:44:26.275000 114 265 XCSE 20210527 16:44:26.275000 146 264.8 XCSE 20210527 16:50:32.229421 54 264.8 XCSE 20210527 16:50:32.229431 54 264.8 XCSE 20210527 16:50:32.229445 150 264.8 XCSE 20210527 16:50:32.247810 50 264.8 XCSE 20210527 16:50:40.333304 100 264.8 XCSE 20210527 16:52:47.653872 1900 264.8 XCSE 20210527 16:52:47.653872 200 264.8 XCSE 20210527 16:52:47.653872 1346 264.8 XCSE 20210527 16:52:47.653872 117 268 XCSE 20210528 9:00:15.043000 97 266.1 XCSE 20210528 9:00:46.545000 27 266.1 XCSE 20210528 9:00:46.545000 110 269.1 XCSE 20210528 9:03:11.323000 70 269.1 XCSE 20210528 9:04:37.373000 96 272.7 XCSE 20210528 9:06:30.777000 38 272.7 XCSE 20210528 9:06:30.777000 90 271.4 XCSE 20210528 9:07:36.270000 35 271.4 XCSE 20210528 9:07:36.270000 147 273.6 XCSE 20210528 9:10:01.459000 162 272.8 XCSE 20210528 9:12:51.503000 120 273.3 XCSE 20210528 9:16:46.173000 128 272.3 XCSE 20210528 9:21:33.074000 131 272.3 XCSE 20210528 9:26:15.082000 113 270.8 XCSE 20210528 9:29:43.099000 110 271.2 XCSE 20210528 9:35:03.924000 114 272.3 XCSE 20210528 9:37:31.954000 127 273.3 XCSE 20210528 9:42:14.827000 114 272.5 XCSE 20210528 9:48:12.590000 109 272.5 XCSE 20210528 9:54:09.146000 120 272.6 XCSE 20210528 10:00:58.072000 125 271.3 XCSE 20210528 10:06:04.832000 163 272.4 XCSE 20210528 10:15:37.485000 161 273.6 XCSE 20210528 10:27:29.567000 118 275.1 XCSE 20210528 10:34:40.259000 123 275.2 XCSE 20210528 10:43:45.825000 111 275 XCSE 20210528 10:52:27.476000

Company Announcement no. 22 / 2021 Bavarian Nordic – Transactions in Connection with Share Buy-Back Program and Termination of Share Buy-Back Program Page 5 of 8

15 275.4 XCSE 20210528 11:00:55.347000 99 275.4 XCSE 20210528 11:00:55.347000 116 276.9 XCSE 20210528 11:09:31.573000 111 276.9 XCSE 20210528 11:19:19.318000 113 276.9 XCSE 20210528 11:29:15.033000 92 277.7 XCSE 20210528 11:41:07.322000 29 277.7 XCSE 20210528 11:41:07.322000 114 277.1 XCSE 20210528 11:52:43.436000 109 276.7 XCSE 20210528 12:06:25.607000 120 277.3 XCSE 20210528 12:24:02.782000 114 277 XCSE 20210528 12:40:01.836000 112 275.4 XCSE 20210528 12:56:01.513000 141 275.9 XCSE 20210528 13:19:29.598000 112 276 XCSE 20210528 13:28:49.680000 144 275.8 XCSE 20210528 13:42:12.968000 139 276 XCSE 20210528 13:56:56.718000 10 275.4 XCSE 20210528 14:04:37.803000 130 275.5 XCSE 20210528 14:13:15.465000 113 275.3 XCSE 20210528 14:15:36.107000 16 275.1 XCSE 20210528 14:30:02.779000 96 275.1 XCSE 20210528 14:30:02.782000 112 273.8 XCSE 20210528 14:32:26.940000 119 274.1 XCSE 20210528 14:40:11.711000 127 273.5 XCSE 20210528 14:50:24.455000 123 273.6 XCSE 20210528 14:53:52.926000 116 272.5 XCSE 20210528 15:08:03.465000 121 272.5 XCSE 20210528 15:08:03.465000 116 272 XCSE 20210528 15:19:42.212000 117 272 XCSE 20210528 15:24:43.916000 6 272 XCSE 20210528 15:24:43.933000 127 272 XCSE 20210528 15:29:59.126000 34 272.4 XCSE 20210528 15:34:35.864000 78 272.4 XCSE 20210528 15:34:35.864000 131 272.6 XCSE 20210528 15:38:52.659000 114 272 XCSE 20210528 15:44:21.818000 88 272 XCSE 20210528 15:48:05.709000 35 272 XCSE 20210528 15:48:05.709000 30 272.6 XCSE 20210528 15:53:16.159000 87 272.6 XCSE 20210528 15:53:16.159000 110 272.4 XCSE 20210528 15:55:42.298000 164 272.8 XCSE 20210528 16:05:03.616000 149 272.8 XCSE 20210528 16:05:03.616000 90 273 XCSE 20210528 16:09:49.394000 117 273 XCSE 20210528 16:11:37.047000 111 272.8 XCSE 20210528 16:15:17.084000 113 271.9 XCSE 20210528 16:21:56.954000 110 271.7 XCSE 20210528 16:26:17.624000 115 271 XCSE 20210528 16:40:26.744000 117 270.9 XCSE 20210528 16:40:51.786000 57 270.6 XCSE 20210528 16:44:34.317000 5 270.6 XCSE 20210528 16:44:39.519000

Company Announcement no. 22 / 2021 Bavarian Nordic – Transactions in Connection with Share Buy-Back Program and Termination of Share Buy-Back Program Page 6 of 8

40 270.5 XCSE 20210528 16:48:50.564970 118 270.6 XCSE 20210531 9:03:06.242000 127 270.2 XCSE 20210531 9:06:01.830000 112 270.3 XCSE 20210531 9:09:32.953000 145 270.9 XCSE 20210531 9:13:30.238000 120 270.9 XCSE 20210531 9:13:30.238000 25 270.9 XCSE 20210531 9:13:30.238000 30 270.9 XCSE 20210531 9:13:30.238000 30 270.8 XCSE 20210531 9:21:22.945000 133 272 XCSE 20210531 9:26:03.737000 133 271.9 XCSE 20210531 9:28:22.722000 116 272.3 XCSE 20210531 9:35:48.222000 143 271.3 XCSE 20210531 9:39:46.224000 70 271.4 XCSE 20210531 9:48:38.842000 62 271.4 XCSE 20210531 9:48:58.460000 121 271.7 XCSE 20210531 9:51:23.117000 133 270.9 XCSE 20210531 9:58:53.544000 4 270.6 XCSE 20210531 10:00:07.477249 55 270.6 XCSE 20210531 10:00:07.477249 55 270.6 XCSE 20210531 10:00:07.477368 6 270.6 XCSE 20210531 10:00:07.477368 55 270.6 XCSE 20210531 10:00:07.477402 55 270.6 XCSE 20210531 10:00:07.497817 55 270.6 XCSE 20210531 10:00:12.408672 2 270.6 XCSE 20210531 10:00:12.408672 55 270.6 XCSE 20210531 10:00:13.230284 10 270.6 XCSE 20210531 10:00:13.230284 48 270.6 XCSE 20210531 10:01:55.278625 112 270.5 XCSE 20210531 10:05:54.001000 112 270.5 XCSE 20210531 10:08:54.085000 156 271 XCSE 20210531 10:18:14.692000 6 270.9 XCSE 20210531 10:30:38.270000 80 271.1 XCSE 20210531 10:35:34.600000 49 271.1 XCSE 20210531 10:35:34.600000 112 270.1 XCSE 20210531 10:36:28.131000 114 269.7 XCSE 20210531 10:43:55.180000 111 268.4 XCSE 20210531 10:50:37.180000 132 268.1 XCSE 20210531 10:59:29.845000 114 268.5 XCSE 20210531 11:20:05.880000 124 268.4 XCSE 20210531 11:21:15.771000 112 268 XCSE 20210531 11:30:19.670000 120 269.1 XCSE 20210531 11:47:42.842000 27 269.1 XCSE 20210531 11:47:42.842000 112 268 XCSE 20210531 11:56:05.286000 113 268.2 XCSE 20210531 12:07:56.957000 99 268.4 XCSE 20210531 12:31:59.286000 61 268.4 XCSE 20210531 12:31:59.286000 130 269 XCSE 20210531 13:01:01.241000 118 268.5 XCSE 20210531 13:07:12.057000 112 268.7 XCSE 20210531 13:20:57.337000 9 269.1 XCSE 20210531 13:40:13.691000

Company Announcement no. 22 / 2021 Bavarian Nordic – Transactions in Connection with Share Buy-Back Program and Termination of Share Buy-Back Program Page 7 of 8

155 269.1 XCSE 20210531 13:40:13.691000 119 269.2 XCSE 20210531 13:54:33.476000 116 268.9 XCSE 20210531 14:01:58.646000 118 269.3 XCSE 20210531 14:23:57.177000 11 270.2 XCSE 20210531 14:33:45.729000 120 270.1 XCSE 20210531 14:36:31.681000 186 270 XCSE 20210531 14:56:00.989000 187 270 XCSE 20210531 14:56:00.989000 116 269 XCSE 20210531 15:09:10.968000 115 269 XCSE 20210531 15:09:10.968000 47 268.9 XCSE 20210531 15:26:52.265000 69 268.9 XCSE 20210531 15:26:52.272000 65 268.9 XCSE 20210531 15:26:52.272000 46 268.9 XCSE 20210531 15:26:52.272000 147 269.2 XCSE 20210531 15:30:55.407000 61 269.2 XCSE 20210531 15:30:55.407000 55 269.2 XCSE 20210531 15:30:55.407000 119 268.8 XCSE 20210531 15:40:54.990000 111 268.8 XCSE 20210531 15:40:54.990000 112 268.5 XCSE 20210531 15:51:44.005000 119 268.5 XCSE 20210531 15:51:44.005000 48 268.4 XCSE 20210531 16:01:53.001000 90 268.4 XCSE 20210531 16:01:53.001000 51 268.4 XCSE 20210531 16:01:53.001000 107 268.4 XCSE 20210531 16:01:53.001000 111 268.4 XCSE 20210531 16:08:16.972000 54 268.4 XCSE 20210531 16:08:16.972000 114 268.7 XCSE 20210531 16:14:10.666000 22 268.7 XCSE 20210531 16:14:10.666000 143 268.7 XCSE 20210531 16:14:10.666000 54 268.7 XCSE 20210531 16:14:10.666000 95 268.3 XCSE 20210531 16:24:48.191000 77 268.3 XCSE 20210531 16:24:48.191000 122 268 XCSE 20210531 16:24:56.416000 116 268.2 XCSE 20210531 16:27:56.461000 225 267.9 XCSE 20210531 16:33:28.248458 20 267.9 XCSE 20210531 16:33:28.248458 104 267.9 XCSE 20210531 16:33:28.248506 131 267.2 XCSE 20210601 9:00:01.986000 121 268.2 XCSE 20210601 9:02:50.647000 120 267.1 XCSE 20210601 9:06:00.696000 90 268.4 XCSE 20210601 9:09:09.675000 10 268.4 XCSE 20210601 9:09:11.287000 149 269.8 XCSE 20210601 9:11:32.662000 49 268.9 XCSE 20210601 9:17:10.713000 68 268.9 XCSE 20210601 9:17:10.713000 73 269.7 XCSE 20210601 9:24:02.085000 49 269.7 XCSE 20210601 9:24:02.086000 133 270.2 XCSE 20210601 9:30:43.364000 128 269.1 XCSE 20210601 9:37:13.872000 55 269.3 XCSE 20210601 9:45:03.196000

Company Announcement no. 22 / 2021 Bavarian Nordic – Transactions in Connection with Share Buy-Back Program and Termination of Share Buy-Back Program Page 8 of 8

141 269.9 XCSE 20210601 9:49:28.469000 116 269.8 XCSE 20210601 9:57:37.873000 137 270.6 XCSE 20210601 10:05:57.298000 124 270.5 XCSE 20210601 10:20:18.709000 108 270.7 XCSE 20210601 10:24:43.266000 18 270.7 XCSE 20210601 10:24:43.266000 151 271.4 XCSE 20210601 10:36:49.424000 119 272 XCSE 20210601 10:48:22.304000 59 272.4 XCSE 20210601 11:01:58.412000 56 272.4 XCSE 20210601 11:01:58.412000 137 273.2 XCSE 20210601 11:13:42.189000 11 274.5 XCSE 20210601 11:24:45.724000 21 274.2 XCSE 20210601 11:26:25.239000 101 274.2 XCSE 20210601 11:26:25.239000 114 273.9 XCSE 20210601 11:38:41.949000 6 274.5 XCSE 20210601 11:52:14.118000 107 274.5 XCSE 20210601 11:52:14.118000 113 273.9 XCSE 20210601 12:04:59.815000 127 274.1 XCSE 20210601 12:15:06.166000 113 273.9 XCSE 20210601 12:32:45.107000 119 274.7 XCSE 20210601 12:52:43.964000 127 276 XCSE 20210601 13:14:31.854000 126 276.9 XCSE 20210601 13:31:57.185000 4 276.6 XCSE 20210601 13:40:30.596000 100 276.6 XCSE 20210601 13:40:52.839000 118 276.6 XCSE 20210601 13:45:32.992000 116 276.9 XCSE 20210601 14:00:21.285000 115 276.4 XCSE 20210601 14:07:28.380000 128 276 XCSE 20210601 14:19:30.688000 145 275.8 XCSE 20210601 14:39:55.811000 120 275.6 XCSE 20210601 14:46:30.268000 115 275.9 XCSE 20210601 14:56:27.156000 112 276.1 XCSE 20210601 15:12:44.986000 118 276.4 XCSE 20210601 15:23:44.027000 113 276.3 XCSE 20210601 15:24:47.762000 116 275.1 XCSE 20210601 15:34:47.042000 113 273.8 XCSE 20210601 15:40:49.428000 116 273.2 XCSE 20210601 15:45:18.572000 128 272.4 XCSE 20210601 15:56:35.254000 115 272.7 XCSE 20210601 16:01:51.233000 21 272.3 XCSE 20210601 16:04:33.626000 96 272.3 XCSE 20210601 16:04:33.626000 116 272.5 XCSE 20210601 16:13:13.874000 10 273.2 XCSE 20210601 16:27:08.404000 121 273.2 XCSE 20210601 16:27:08.404000 70 273.2 XCSE 20210601 16:28:38.388000 76 273.2 XCSE 20210601 16:28:38.388000 171 273 XCSE 20210601 16:35:38.921852 747 274.81 XCSE 20210602 17:44:30.267863

Company Announcement no. 22 / 2021